Austrian government fails in vote to increase euro bailout fund
At issue was the planned increase in the euro rescue fund to 780 billion euros from the present 440 billion.
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Browsing Tag
Austria
Chart of the Day: European bank funding starting to dry up
Today, it is euro banks that are the problem. For example, Goldman Analyst Alan Brazil suggests that euro banks need $1 trillion in additional capital. This has created distress in funding markets, particularly because of US money market…
The widening European sovereign debt crisis
Euroland is coming apart at the seams. Belgian/Bund spreads are now also over 200bps along with Italy and Spain. Belgium has just entered the periphery and France is not far behind.
Breaking: Austria Balks at Greece, EMU Bedeviled by more than Ireland
News reports indicate that Austria is refusing to release its 190 mln euro share of the EU bailout for Greece because it has not met its budget commitments. The Fin Min Proell says that after reviewing the latest data, there is…
The Germans will not bail out Greece
In my view, there is little chance the Germans are going to allow the EU to ride to the rescue of the Greeks. All of the bailout chatter does not really consider the domestic political constraints in Germany. First, a bit of quick…
Estonia looks to join the Eurozone in 2011
This comes from Bloomberg News: Estonia is set to meet its goal of adopting the euro in 2011 because of the Baltic country’s work on fulfilling fiscal requirements, European Union Economic Affairs Commissioner Joaquin Almunia said.…
Gulf states agreement to enter currency union seen as dollar threat
The last I had heard about a prospective Gulf currency union came yesterday morning in a note by Marc Chandler who is the Chief Strategist at Brown Brothers Harriman’s FX group. He indicated that he was more optimistic about a Gulf…
Bank collapse in Austria brings debt in Eastern Europe center stage
In the links yesterday, I pointed to an FT article detailing the Austrian government’s nationalization of the insolvent bank Hypo Group Alpe Adria (HGAA). The financial institution, which has 40 billion Euros in assets, is the country’s…
New Citigroup maven Buiter warns of sovereign debt delusion
This post from November 2009 is a reminder of how things looked in the sovereign debt crisis just a few months ago.
1931
This account bears remembering because we can see the 1929-1933 descent as a two-part episode, with the second part starting here. It should be noted that there were a lot of positive economic signs before the Creditanstalt ruined this.…